BTC To GBP Bulls Target $8,600

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BTC to GBP continues the rally that started in early September and now has reached two-week highs capitalizing the weakness in British pound amid the deadlock in Brexit negotiations. BTCGBP breached above the 100-day moving average the previous week, boosting the positive momentum. Today’s move in BTCGBP buoyed by a strong action in other cryptocurrencies. BTCUSD is 1.69% higher at 10,862, Litecoin is 1.43% higher at 49.82, and Ethereum is 0.14% higher at 377.77. 

Nigeria Would Begin To Regulate Digital Assets   

In institutionalization news, Nigeria’s Securities and Exchange Commission (SEC) defined digital assets as securities unless the issuer proves the opposite. According to the regulatory body, the issuer will go through an assessment process to verify that the crypto assets are not securities if the SEC is not convinced, then the issuer will have to register the crypto-asset with the commission. 

SEC stated that digital assets, which provide “alternative investment opportunities”, would be classified into four different categories for regulatory oversight. Nigerian SEC will register and approve all virtual assets, treating cryptocurrencies and tokens as securities and would be subject to the SEC regulations. 

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BTC To GBP Daily Technical Analysis

BTC to GBP is 0.92% higher at 8,405 as the bulls feeling comfortable above the 100-day moving average. Strong resistance for BTCGBP stands at 8,626 the 50-day moving average. In case of a breakout, the next supply zone would be met at 9,036 the high from September 1. 

On the other hand, strong support stands at 8,055 the 100-day moving average. The recent lows at 7,466 would provide the next support for BTCGBP. 

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BTC to GBP Daily Chart

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